LOCAL NEWS: TUCP welcomes GSIS’ disclosure on its global investments

Workers and pensioners nationwide can now sleep better.

The country’s largest labor group said today that the investments of the Government Service Insurance System (GSIS) foreign investments were found to be generally safe.

“Based on our cursory review of the stated investments, we consider the pension fund’s overseas portfolio to be generally safe, balanced and sound. GSIS members and pensioners can now sleep better at night,” Trade Union Congress of the Philippines (TUCP) secretary-general and former senator Ernesto Herrera said.

Based on the GSIS’ disclosure, none of the banks listed are particularly at risk of collapsing.

“The GSIS may have suffered temporary losses on account of the sharp decline in the prices of these bank stocks due to the worsening global financial crisis, but these losses are temporary. Once the prices of these bank stocks recover, the portfolio should also recover,” Herrera stressed.–Mayen Jaymalin, Philippine Star